Budgeting

It can be really tricky at times to resist the temptation to buy things. This can be made worse if people that we know, perhaps friends or family members seem to pressure us into buying things. This can mean that we end up buying things that perhaps we do not even really want because they seem to make us buy them. If we are trying to be a bit more frugal, perhaps because we have debts to pay off or we want to save money or make sure that it is easy to balance our budget each month, then we might need to use some methods to prevent them from having this influence on us. There are some different things that we can try.

Do not go Shopping with Them

IT can be useful to not go shopping with those that influence you to buy things that are really too expensive for you. If you avoid these sorts of trips then it will be easier to resist temptation if you are not with them all of the time. This can be difficult, especially if you socialise a lot with them and it is drinks and food, clubs and things like that which you get tempted to spend money on. If it is shopping trips that you go on then maybe you could avoid those. You may also be able to suggest different things to do together, perhaps meeting up for a walk of picnic or at each other’s houses so that there is not the temptation to spend money.

Explain Your Situation to Them

It can be worth thinking about explaining to people that you are trying to spend less money. Some of them will understand and may stop putting pressure on you to make these sorts of purchases. They may be some that are relieved as they may be in the same situation themselves and need help with trying to reduce their own spending. It could therefore be a case of you trying to help each other and this could be a big help. Maybe opening up to one person at a time could make it a lot easier to do and to explain it more easily.

Set a Budget

It can be useful to set yourself a budget for spending on these sorts of items. If you are able to do this and stick to it, it will mean that you will still be able to but some of the items that you want but you will not be under risk of spending more money than you can afford. It can take practice and hard work to stick to a budget but it will be easier than not spending anything a all. It will mean that you will be able to have some treats and spend some money with your peers but not overspend and get into trouble financially.

Try to not Feel the Pressure

It can be difficult to not give in to the pressure somehow, but it is something that you may need to try master. This is tricky, but it can be easier once you are aware that there is a problem ad that you can be in control of it. You need to try to distance yourself from the temptation around you. It is easier to do this if you are more focussed on the reasons why you want to do this. You might want to be able to save up money for something, get out of debt, make it easier to pay for things you need or whatever. Keep concentrating on that and this will help you to meet your goals.

There are many people that will advise others to set a budget. This is something that you might have never tried and be wondering about or perhaps have tried but have not done lately. It is good to think about whether you should set one though.

What is a Budget

A budget is when you decide how much money you are going to be allocating for certain things. We all have things that we have to pay for as well as things that we would like to buy and we need to make sure that we have the money for them The purpose of a budget is to work out how much everything costs and allocate money towards the cost of them so that we know that we have enough. You can use it to allocate money to pay bills or to see what is left for spending on luxuries and decide on how much you are going to spend on those each month, week or even day. There are different ways of setting out your budget and sorting out the money and how you keep it and allocate it and that will depend on you and what will work for you.

Why Set One?

The purpose of a budget is to make sure that you will be able to cover the costs of everything that you need to buy. You will need to prioritise spending on essentials and things you are committed to and then think about what will be left and how to spend that. The main reasons for doing this are so that you can make sure that you prioritise your spending properly. You want to make sure that you have enough money to cover all of the things that you have to pay and so make sure that you can make ends meet. You want to ensure that you do not have to unnecessarily borrow money because you are not organised with your spending and buy luxuries and treats before paying for the things that you really need.

How Might it Benefit you

Setting a budget can be a really useful way to make sure that you have enough money to buy everything that you need. It allows you to be in control of your money and your spending and you will not have to worry about whether you will have enough money to pay for things as you will know that you have allocated the right amount of money. It can feel really great to know that you are in control like that and that you will have a process in place that will allow you to keep in control of everything. It could help to avoid you having to go overdrawn at the end of a month or having to worry all the time about whether you have enough money left.

Will it Benefit me?

If you feel that you manage your money well and that you can always pay what you need to pay for and afford everything then a budget may not be that necessary for you. However, if you tend to be out of control with your spending and not really know what to expect with money and whether you will have enough each month then it can be a good idea to consider setting a budget. It can also be useful if you are saving up for something or if you are trying to repay a debt. It is therefore worth considering even if you feel that you are well in control because it could help you to improve your methods even more and you will be able to repay the debt or save up the money even more quickly.